Bitcoin price close to $ 50,000?

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The price of Bitcoin (BTC) broke the critical level at $ 40,500 when Tesla added $ 1.5 billion bitcoin to its balance sheet. This news event took the price to a new all-time high and brought the next major resistance level to $ 50,000.

In addition, other cryptocurrencies are accelerating left and right as the landscape is ideal for altcoins to start moving. During the consolidation of Bitcoin, all-time highs are set for many altcoins on a daily basis. But how long will this consolidation take? Let’s take a look at the charts.

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Bitcoin price breaks key drag on Tesla news

XBT / USD 4 hour chart. Source: TradingView

The 4-hour chart shows an obvious break of $ 40,500, which was key to more upside as the Tesla news led to the biggest daily green candle for Bitcoin.

As the graph shows, the next level of interest is the psychological barrier around $ 50,000. It’s also the next big level Fibonacci. The Fibonacci level of 1.618 is often used as a key indicator in predicting the level in pricing.

BTC / USD 4-hour chart. Source: TradingView

Another important level to look out for with Bitcoin is the order block in the $ 43,300 to $ 43,700 range. A continuation upwards is likely as long as this range applies.

However, a sharp decline is likely if Bitcoin’s price cannot hold that level. A fall through the $ 43,300 to $ 43,700 range would create a cascade of stop / loss triggers as the price of Bitcoin drops back into the range it has been trading for several weeks. The next level of support is between $ 37,800 and $ 38,500 when $ 43,300 does not hold.